[gov3009-l] Applied Stats - 4/22 - Neil Shephard
astrezhnev at fas.harvard.edu
Mon Apr 20 09:21:22 EDT 2015
This week at the Applied Statistics Workshop we will be welcoming *Neil
Shephard*, a Professor of Economics and Statistics at Harvard University.
He will be presenting work entitled *Pricing each income contingent student
loan using administrative data. Some statistical challenges*. Please find
the abstract below and on the website.
As usual, we will meet in CGIS Knafel Room 354 and lunch will be provided.
See you all there!
Title: Pricing each income contingent student loan using administrative
data. Some statistical challenges
Abstract: Income student loans are used in many countries as the prime way
for students to fund their tuition fees and maintenance. Repayments on the
loans are a fraction of the former student’s income above some threshold.
In England the fraction is 9% and the threshold is around $35,000.
Interest is charged on the loans and any outstanding debt is forgiven after
30 years. The UK Government has offered to issue such loans to any
qualified English student going to a UK university since 1998. How much
are these loans worth to the Government or if the Government sold them?
How does their worth vary with gender, university, subject and time? To
answer these questions we have built a unique database out of
administrative data the UK Government has given us access to. I will
discuss this data, compare it to other sample survey sources and discuss
the statistical challenges we face in pricing. Further, I will argue the
approach I develop here provides a better definition of human capital than
that traditionally used in labor economics.
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